Vunani acquires R174m Office Park in Bryanston

JSE-Listed Vunani Property Investment Fund (VPIF) on Thursday announced that it had acquired Bryanston Gate Office Park for R174 million.

JSE-Listed Vunani Property Investment Fund (VPIF) on Thursday announced that it had acquired Bryanston Gate Office Park for R174 million.

The property contains offices‚ is 15‚233 square metres and has 811 parking bays.

There are 43 leases of which the major tenants are Primary Asset Management‚ Nampak Products and City Lodge Hotels.

Vunani said the transaction was a step towards its intention to grow its portfolio by buying high-quality yield-enhancing properties. Bryanston Gate would give an initial yield of 10.83%.

The transaction is conditional on Competition Commission approval and the transfer of the property.

In August, the fund declared increased distribution up by 19.7% to 77.25c per linked unit for the year ended June 30 2013.

Despite posting strong results, the fund said the past financial year was the toughest trading conditions it had experienced in its eight-year history.

Vunani’s portfolio at year-end consisted of 28 properties with a total market value of R1.6 billion which is a R36.6 million positive revaluation on the prior year.

The portfolio is well-represented in most of the South African provinces with 92.5% of the gross income derived from Gauteng, Western Cape and the Eastern Cape.